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Scottish Trust Deed Forum
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06/05/2021 2:32 pm
Hi, I’m due to finish my trust deed in January 2022 and I am mainly wondering how quickly could I obtain a mortgage? . I don’t particularly fancy waiting another 4/5 years and was wondering would this be possible after say 12 months of leaving the trust deed if I took out a credit builder card and paid it off every month to improve my credit rating. I understand I would have to pay higher interest rates but just looking at the possibility of it just now as information online is pretty vague, thanks.
Also just to clarify, will the trust deed dissapear from my credit file 6 years after the date I started it? Or 6 years after the date I am signed off, thanks.
06/05/2021 3:08 pm
Hi JC1888,
There's lots of important factors involved in getting a mortgage, of which your trust deed is just one.
Having said that, in recent times we've only identified one (small and regional) lender that was prepared to offer a mortgage one year after getting discharged. Others may consider applications after two or more years from discharge.
I'm not surprised that the available online information is vague as the mortgage market changes and evolves over time. There may be more or less suitable mortgage products available after you have completed your trust deed.
You may wish to read the following page which includes a section specifically about mortgages after trust deeds (as well as other credit score related topics):
https://www.trust-deed.co.uk/repair-your-credit-rating.html
The trust deed will vanish from your credit report six years after it began. Mortgage lenders can (and many do) ask about previous insolvencies in their application procedures, even if an insolvency isn't visible on a current credit report.
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